The Nicaraguan Minister of Industry, Development and Commerce (MIFIC), Jesús Bermúdez, explained on local television that the FTA has an important economic complement and the export capacity to China can be increased fivefold so they intend to export nearly a billion to China in about five years.

Bermúdez added that although in an FTA the big winners are always the consumers, producers have the challenge of responding to Chinese demand, as well as competing with the Chinese investors, who will find an opportunity in the Nicaraguan market.

According to Bermúdez, even achieving an export capacity of one billion dollars to China, the Chinese market would still not be the main destination for Nicaraguan products, since the United States remains first, followed by Central America. “I think China is going to become a very important supplier for Nicaragua in the future,” he emphasized.

The FTA between Nicaragua and China came into force last Monday and will allow Nicaragua to export around 71 percent of its products without tariffs.

Exports include items such as meat, seafood, fish, shrimp, lobsters, sea cucumber and rum, as well as leather, coal and wood, among other products.

According to Bermúdez, China can supply appliances and vehicles, which would generate great interest for the Nicaraguan population, as they would compete with affordable prices.

jrr/llp/jha/ybv